Non-fungible tokens (NFTs) are one of the biggest crypto stories in the last year, with many sold on the Ethereum blockchain for thousands of dollars. But one NFT project was so successful that it caused congestion on Ethereum, frustrating both users and developers. That project was CryptoKitties.
The creators of CryptoKitties decided to create their own blockchain that was best suited to digital collectibles, games, and all other types of NFTs, including sports highlights.
The FLOW blockchain was born, CryptoKitties migrated and Dapper Labs decided to add other projects to their blockchain creation such as NBA Top Shot.
In this guide, we’ll look at what Flow blockchain is, its benefits, and what projects are already using it.
Table of Contents:
What Is Flow?
Flow is a fast, decentralized, developer-friendly blockchain, and FLOW is the native cryptocurrency that powers the network.
Flow is the foundation for launching complete ecosystems of consumer applications, such as games, collectibles, and apps that interact with them. Flow is based on a new architecture that achieves the performance required for mainstream applications without compromising network decentralization or horizontal partitioning.
FLOW tokenomics
The FLOW token is the fuel that powers the grid.
FLOW is the currency required for the operation of the Flow network and all applications on it. FLOW is designed as a payment method and as a long-term reserve asset for the entire Flow economy. The token is used by validators, developers, and users to participate in the FLOW network and earn rewards. It is also used for fees and to participate in the future governance of the protocol. As the network matures, FLOW token holders will be able to use their FLOW in an increasing number of ways:
- Payment for calculation and validation services (e.g., transaction fees)
- Medium of exchange
- Deposit for data storage
- Collateral for secondary tokens
- Participation in governance
Benefits of flow
Flow is designed as the foundation for a new generation of games, apps, and digital assets that power them. There are four main advantages that developers believe Flow has over other blockchains:
Flow’s multi-role architecture: Flow channels the work of a blockchain miner or validator through four different roles that all require staking; A separation of concerns that helps reduce redundant processing efforts:
- Consensus nodes decide the presence and order of transactions on the blockchain
- are responsible for keeping track of execution nodes
- Execution nodes perform the calculation associated with each transaction
- Collection nodes improve network connectivity and data availability for dapps
- Resource-oriented programming: Smart contracts on Flow are written in Cadence, a simpler, more secure programming language for cryptographic assets and apps.
- Developer ergonomics: From upgradeable smart contracts and built-in recording support to the Flow emulator, the Flow network is designed for results.
- Consumer Onboarding: Flow is designed for traditional consumers, with payment ramps that catalyze a secure, low-friction fiat-to-crypto path
Verification nodes
Which NFT projects use Flow?
There are currently two big NFT projects already built on Flow, CryptoKitties and NBA Top Shot. Flow is also working on NFt projects with UFC, Dr. Seuss, Ubisoft and Samsung.
CryptoKitties
CryptoKitties is a game focused on breedable, collectible, CryptoKitties, virtual and unique versions of your feline friends.
It started years ago, having been released to the public on November 28, 2017 as the world’s first game built on the Ethereum network. It achieved immediate popularity and became the third most active smart contract on the Ethereum network within three hours of launch. It accounted for nearly 2% of all Ether transactions. As a result of its popularity, the creators decided to create the Flow blockchain to relieve the stress of all transactions on Ethereum. Users can still access their CryptoKitties through the Ethereum blockchain, but they can also transfer them to the Flow blockchain for lower transaction costs.
NBA Top Shot
NBA Top Shot is all about collecting highlights or “Moments” by opening packs or buying them on the market. You can get the highlights of your favorite players and show them on your profile.
Some believe this will be a replacement for other forms of sports collectibles such as trading cards. NBA Top Shot is completely built on Flow, unlike CryptoKitties, which means that once fully functional transaction fees will be low and speeds will be high. NBA Top Shot quickly became popular with over 600,000 users including celebrities like Mark Cuban, Quavo and players like Tyrese Haliburton.
